五年期美债标售需求平淡，海外需求下滑

五年期美债标售需求平淡，海外需求下滑
Mediocre 5Y Auction Tails As Foreign Demand Slides

原始链接: https://www.zerohedge.com/markets/mediocre-5y-auction-tails-foreign-demand-slides-0

继昨天表现稳健的2年期国债拍卖后，今天的5年期国债拍卖表现截然相反，结果相当惨淡。此次发行的700亿美元5年期国债得标利率为4.200%，高于5月份的4.182%，创下1月25日以来的最高水平。该利率比发行前交易（WI）收益率4.193%高出0.7个基点，这是5年期国债连续第8次出现“尾部”（tail，即实际得标利率高于预发行利率）。认购倍数为2.351，好于5月份的2.340，创下去年10月以来的最高水平。然而，内部结构却令人失望：间接竞标者认购比例仅为61.60%，较5月份的74.85%大幅下降，为1月以来的最低水平。直接竞标者认购比例则从5月份的12.34%跃升至25.51%，创下1月以来的最高点，导致一级交易商被迫接盘12.9%，创下3月以来的最高份额。总体而言，这是一次相当令人失望的拍卖。受此影响，国债收益率从日内低点小幅回升。不过，考虑到10年期国债收益率已从今早的4.49%大幅回落至4.40%上方，市场情绪尚不至于过度担忧。

After yesterday's solid 2Y auction, today's 5Y auction was an uglier mirror image.

The sale of $70BN in 5 year paper priced at a high yield of 4.200%, up from 4.182% in May and the highest since Jan 25. It tailed the When Issued 4.193% by 0.7bps, and was the 8th consecutive tail for the 5Y tenor.

The bid to cover was 2.351, better than the 2.340 in May and the highest since October.

The internals, however, a disappointment: Indirects took down just 61.60%, a big drop from 74.85% in May and the lowest since January. And with Directs jumping to 25.51% from 12.34% in May - the highest since January - dealers were left with 12.9, the highest since March.

Overall, this was a rather disappointing auction, and one which pushed yields fractionally higher from the lows of the day, although considering the big slide in the 10Y from 4.49% this morning to just over 4.40% we doubt too many will lose sleep.

五年期美债标售需求平淡，海外需求下滑 Mediocre 5Y Auction Tails As Foreign Demand Slides

五年期美债标售需求平淡，海外需求下滑
Mediocre 5Y Auction Tails As Foreign Demand Slides